The Pressure Vessel Market is expected to reach USD 184.87 Billion by 2021, at a CAGR of 5.38% from 2016 to 2021. The growth of this market is attributed to huge electricity demand and industrialization in different regions. Investments for renewable power generation in Asia-Pacific and North American countries have been planned to meet the rising power demand, which in turn are going to boost the demand for pressure vessels.
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Among various end-user industries for which Pressure Vessels are employed, the chemicals segment is expected to be the largest market by 2021. Asia-Pacific and North America comprise fast growing markets for this segment.
Boilers are the largest segment among the type of pressure vessels. The boilers segment within the pressure vessel market is expected to have the highest growth from 2016 to 2021, given its increasing usage in the power generation sector. This market is expected to witness the maximum growth in the Asia-Pacific region.
Chemicals end-user industry to register the highest growth. The chemicals industry requires pressure vessels to store industrial liquids and other materials that are required in the production of their final products; sometimes they are also used to store the final product until shipped. Additionally, the chemicals industry utilizes pressure vessels to convert raw materials by mixing, blending, and heating to produce the final product. The chemicals segment is projected to witness the fastest growth during the forecast period. This growth is attributed to increased annual production growth in the global chemicals industry. This in turn would require deployment of pressure vessels.
Boilers segment within the pressure vessel market is expected to lead the market. Boilers are primarily employed in power plants for generating high pressure steam to produce electricity. It is estimated to be the largest segment, by type, for the pressure vessel market in 2016. Increasing demand for electricity in Asia-Pacific requires integrated equipment for power generation, which in turn, is likely to drive the pressure vessel market. With majority of applications in power generation, this segment has a prospective market in Asia-Pacific.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the pressure vessel market, namely,: Mitsubishi Heavy Industries, Ltd. (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India). These companies have been the most active in terms of strategic developments from January 2014 to April 2016. Most of these market players are present in Asia-Pacific and the U.S. and have been actively participating in competitive developments.
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At present, Pressure Vessel has high acceptance due to its unique properties and for being a highly customized product. However, factors such as mining industry slowdown and declining upstream oil & gas industry are restraining the growth of this market. There has been a stagnant growth in the global upstream oil & gas industry, resulting in countries shifting their focus and investments in other industries to diversify revenue stream. The slowdown in the mining as well as upstream oil & gas industries is expected to have a negative impact on the pressure vessel market.